Norwalk CT Real Estate Market Conditions, Forecast and Advice -10/2011

Norwalk, Connecticut  is an historic and  diverse city of 36.3 square miles and approximately 80,800 residents living in  31,700 households. Incorporated in 1651, just over 31 percent of the current housing stock was built prior to 1950. Approximately 60 percent of the homes are owner occupied.

I am pleased to present to you my real estate market predictions and buying and selling advice for Norwalk, CT. My experience spans over 26 years, and I have seen hot markets come and go, and bad markets come and go. I always find it funny how the media predicts that the real estate market is going up or down in the state, but you know as well as I do, that  each city has its own type of market, and within the city, there are areas that sell faster than others, and homes on particular streets that sell  slower than others. You really cannot generalize the market in a rational way. Deciphering the real estate market, is, and has to be, local and historical.

With that being said, I offer my opinions on the market for the coming months. Everyone's particular situation is different, and  if you need to buy or sell in Norwalk at a particular time, then you should do it. You should also contact me to assist you! (OK, Shameless plug) You know people have been asking me for years, "what do you think is going to happen in the real estate market?" and I say, "Well, if I knew that, I probably wouldn't be selling real estate, because I would have some type of amazing talent that NO ONE has ever possessed" That being said, I AM very good at numbers, statistics, and forecasting, so after doing extensive research, calculations, and taking into account the current economic climate, I present to you the following:
 
State of the Market: Current home sales averages at about 33 per month and is down from last quarters sales by about 20 percent. The second quarter  usually posts the strongest activity for the year, but the absorption rate is still a it lower than I would like at this time. Final third quarter numbers are not all in, but I do think we are in for a little lull in activity, until February with just a slight upsurge at the end of December. Inventory is down from last quarter, but still up signifcantly from the first half of the year. Condo sales are averaging about 14 per month, but have declined from the last quarter's peak of nearly 20 per month. 

What's Ahead in General:  I am just a little concerned about what's going on in Norwalk's real estate market. Prices have been consistent, but the sales are "all over the lot", meaning they really don't match what other data is telling us about the market. I am not concerned enough to say don't sell if you want to sell, or don't buy if you want to buy, just make sure you have ALL of the facts before you delve into a real estate transaction, and that means detailed analyses to make sure the price you are selling at, or the price you are purchasing your home at is in fact the best market price. I do not anticipate any big changes in pricing anytime soon. On the plus side, market time has gotten better and better throughout the year.  
 
ADVICE FOR SELLERS: Is there a better time to sell your home in Norwalk? Yes, List it in the beginning of the year.  As of today, there is over a year's supply of inventory, although the current supply is lower than it has been. While I might advise you to go ahead and list your home now and get a jump on the market, other indicators tell me to advise you to wait until January, unless you really need to sell your home very quickly. There is no urgency at the moment, and no bonuses if you choose to sell now, or start at the beginning of the year instead.

On the other hand, iIf you want to sell your condo, do it now. Right now. I am watching the condo market prices and I think it's best to get in while the getting is good. Sure there is over a year and a half inventory supply, but the prices have declined a little, and that troubles me just enough to advise you to sell now, instead of waiting for next year. Nothing to be overwhelmed about, I am just saying if it was me selling my own condo, I would do it now. Just remember, you REALLY have to price your home right, there is no question about it. Think about it this way- with the amount of overpriced listings available, you should have no problems. There is activity, take advantage of it.
 
ADVICE FOR BUYERS:If you are looking to buy in Norwalk CT, now is as good of a time as any. The rates are low, and there is still enough inventory to choose from. I wouldn't delay, but there is no dire urgency,  and you may have a better selection of properties come February or March. Give yourself some time if you want to look now, and if you don't find something you like right away, it will come. You should be able to negotiate a little, so look at some of the houses that seem to be priced a little out of their range. I wouldn't be surprised if the sellers went with a lower offer. If you are looking to buy a condo in Norwalk, you have absolutely wonderful negotiating power, take advantage of it.

BEST BETS FOR BUYERS AND SELLERS: Three bedroom homes, and/or homes priced within the $300,000-$400,000 range. Two bedroom condos, and/or condos priced between $200,000-$300,000.

f you have a question about buying or selling Real Estate in Norwalk, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :)   - Judy

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